Sensex falls over 1,400 points as new covid version scares investors

Indian equity benchmarks fell over 1,400 points on the benchmark S&P BSE Sensex on Friday and the Nifty 50 index fell below its crucial psychological level of 17,100 on weak global cues, as investor sentiment was detected by a new and possibly vaccine-resistant coronavirus variant. was affected by the installation. ,

Here are 10 things to know about Friday’s sell-off

  1. Reliance Industries, HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Infosys and State Bank of India were the top gainers in the Sensex.

  2. Asian stocks on Friday fell sharpest in two months after a new vaccine-resistant Covid19 variant was detected and investors pointed to the safety of bonds, the yen and the dollar.

  3. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent, the sharpest decline since September. Casino and beverage stocks sold off in Hong Kong, and travel stocks declined in Sydney.

  4. As of 11:00 am, the Sensex fell 1,408 points to 57,315 and the Nifty 50 index fell 426 points or 2.43 per cent to end at 17,110.

  5. “A new variant of Covid has been found, which threatens to create negative sentiment with some countries tightening restrictions. This variant raises concerns that it may oppose vaccines. Concerns were also added over the lack of liquidity by the US Federal Reserve, “panic among market participants,” said Manoj Dalmiya, founder and director of Profitable Equities.

  6. Selling pressure was widespread as all 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty Index, falling over 5 per cent. Auto, metal, consumer durables, oil and gas, power, industrials, IT, telecom, banking and finance indices also fell between 2-3.5 per cent.

  7. Mid- and small-cap stocks were also facing selling pressure as the S&P BSE Midcap index fell 2.72 per cent and the S&P BSE Smallcap index lost 2 per cent.

  8. Among the Nifty 50 stocks, 44 stocks fell as ONGC lost 2.74 per cent. Maruti Suzuki, Kotak Mahindra Bank, Tata Motors, Hindalco, JSW Steel, Tata Steel, Bajaj Finance, HDFC, Grasim Industries, Titan, Mahindra & Mahindra and Reliance Industries also fell between 2-4 per cent.

  9. On the flipside, Cipla, Dr Reddy’s Labs, Sun Pharma, Divi’s Labs, Power Grid and Coal India were among the notable gainers.

  10. Overall market breadth was extremely negative as 2,192 stocks were declining while 896 were moving on the BSE.